Gold Market: As customs duties are reduced, silver will be present in the gold market

Gold market: With higher customs duties imposed in India ahead of this year's budget, a large number of gold lovers residing in the country eased their way to the UAE to buy gold. Gold prices in India have also fallen due to the cut in customs duty this year, which may reduce interest in buying gold abroad. Gold jewelers are hoping for good profits this year. Gold traders say the UAE's dominance will wane. This is because Indian buyers who buy jewelery in Dubai will now prefer to buy in India. With lower customs duties, India's gold jewelery production is expected to increase, allowing goldsmiths to create new, elaborate designs. Then customers will be attracted to buy gold in India instead of abroad. Also Read: Kashmir to get railway prize, trains to run in valleys soon, India imports highest gold after China Over 45 billion dollars worth of gold was imported last year. With the reduced customs duty on gold imports, expect gold to become more affordable. This will reduce smuggling and boost the jewelery industry. Trafficking has been a problem in India since its inception. This move by the government will bring more revenue to the government through GST and Income Tax. This time, the highlight of Budget 2024 is the announcement to reduce the total customs duty on gold from 15% to 6%. After this proposal, the price of gold has seen a decline. Also Read: Pu-Aadhaar: Land security will be ensured, Pu Aadhaar will be rolled out, Gold market: Gold market will become silver as customs duty cut.